Grayscale Pledges $1M to Zcash Push as Token and ETF Fall 12%

Grayscale's seven-figure commitment to Zcash lands at an awkward moment: the token and its ETF are both down 12%, and the fund's outflows have carried over from October. That divergence—sponsor spending rising while investor redemptions continue—is the real story. It suggests Grayscale is playing a longer game around privacy-asset positioning rather than responding to flows. The open question is whether the ad push and funding shift sentiment, or whether sustained withdrawals keep overwhelming the narrative.